Indian solar power producer Azure Power has closed a Series A round with investment from venture capital firms Helion Venture Partners and Foundation Capital.
Azure Power has several grid and off-grid projects under development across several states in India. The investment will be directed towards scaling-up Azure Power’s operations in India, the company said.
As part of the deal Sanjeev Aggarwal, managing director at Helion Advisors and Ashmeet Sidana general partner at Foundation Capital will join the board of Azure Power.
Aggarwal said, ‘As India’s leading solar energy service provider, Azure Power understands the complexities and nuances of delivering solar energy. Their turnkey service offerings remove the heavy capital requirements as well as operational complexities for its customers. This is Helion’s first investment in the clean energy/technology space. The market opportunity for solar energy, the policy impetus from the government combined with Azure’s competency and expertise in this area, make Azure Power a compelling investment proposition.’
Sidana added, ‘At Foundation Capital we pride ourselves on identifying experienced technology executives driving the next wave of innovation in the cleantech market. We look forward to working with Azure Power as they work to solve India’s growing demand for electricity with solar technology.’
Helion Ventures is a multi-stage, India-focused venture fund with $350m under management.
Founded in 1995, Foundation Capital is a venture capital firm targeting opportunities in cleantech, consumer internet and infrastructure, telecommunications and networking, and enterprise software and on-demand services.
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